New Dublin office complex goes up for sale for €155m

One of Dublin's most prominent new office buildings has been put up for sale with a €155 mln price tag.

The Reflector on Hanover Quay, in the Irish capital's Grand Canal Dock area, is a six-storey complex with 11,250 m2 of office space, 329 m2 of retail space and 34 parking spaces. It is projected to produce an annual rent of approximately €7 mln with a WAULT of 12 years, reflecting an initial yield of approximately 4.2%.
Savills Ireland and CBRE are handling the sale on behalf of the developers, Park Developments. 
Completed in 2018, the building is divided into two wings with separate reception areas and a high-specification interior. Tenants include Airbnb, LogMeIn and
The property also benefits from being within walking distances to local amenities including the Bord Gais Theatre, hotels such as The Spencer and The Clayton, and bus and train stations. The Samuel Beckett Bridge provides access to Dublin Airport, the North Docks and IFSC.
Occupiers within the immediate vicinity of The Reflector include State Street Bank, Accenture, AirBnB, Matheson, HSBC, William Fry Solicitors, McCann Fitzgerald Solicitors, BNY Mellon, Aptiv, Google and Facebook. With most of the buildings in the South Docklands now in long term ownership and with a distinct lack of opportunities, The Reflector presents one of the last opportunities for investors to acquire a holding in Grand Canal Docks, according to CBRE.

Fergus O’Farrell, director of Savills Investment, Ireland, said: 'The Reflector is one of the most high-profile office developments in Ireland, with its unique waterfront setting, striking profile, best in class finishes along with a quality tenant line-up and a WAULT of approximately 12 years, it will attract interest from a host of global investors.'


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